研报掘金丨中邮证券：维持姚记科技“买入”评级，短剧基建持续受益行业浪潮

Group 1 - The core viewpoint of the article indicates that Yaoji Technology's performance is under short-term pressure, but the short drama infrastructure continues to benefit from industry trends [1] - The year-end to Spring Festival period is a peak season for offline gatherings and family entertainment, which is expected to drive demand growth for playing cards and leisure games [1] - Historical data shows that the company's revenue is projected to grow by 33.47% and 61.66% quarter-on-quarter for 2024 and Q1 2025 respectively, highlighting the significant impact of festive effects on performance [1] Group 2 - In recent years, the company has been consolidating its traditional playing card advantages while accelerating the layout of new categories such as "Doudizhu" [1] - The company is optimistic about the potential for a phase recovery in its core leisure entertainment segment, driven by both the festive peak season and the expansion of new products [1] - With the trend of premiumization in short dramas, the company is expected to continue benefiting from its unique supply capabilities during the industry's upward cycle [1] Group 3 - Based on the closing price on December 19, the company is valued at 18, 16, and 13 times PE, maintaining a "buy" rating [1]